Monday, April 27, 2020

Funding




For the funding of my business I looked at loans given by the Arts Council. The arts council have project grants for open applications for music projects from solo artists, bands, orchestras, labels, promoters, managers, concert halls and other live music venues. 

What you can apply for 
• developing new material 
• rehearsing for live events 
• performances and showcasing 
• touring live shows 
• recordings 
• making creative digital content such as music videos or live broadcast 
• purchasing musical instruments and equipment. 

What you cannot apply for
 • music recording without appropriate plans to share your work
 • activity, such as performances or recordings, where the intention is to make a profit (for example, from ticket or record sales).
• buying musical instruments or recording equipment (including software) without showing artistic development and substantial public benefit from doing so.
• self-promotional activity (including recording and performance) with no clear benefit to the public, either in the short or long term.

My Cash-flow Chart
Income - My plan for funding my business begins with applying for a £5000.00 loan from the arts council. I have also thought about crowdfunding, this has been left as variable as it depends on the amount others are willing to pay. I also chose to put Royalties as variable because it could be a variety of different prices and depends on the other party, etc. After exploring the prices of classical pieces on Itunes, I have chosen to go with £5.99 as this is the pricing for many pieces performed by classical musicians. Most prices rely on how well known you are as a musician (More well known musicians may have more expensive merchandise). I think the costing of my merchandise is considerably much lower than other musicians. I wanted my merchandise to be somewhat low as it is a bit financially easier on the members of my audience and it seems wrong to have your audience pay £20+ for merchandise. CDs aren't really used as much anymore because many people purchase music online or listen to it on platforms such as YouTube or Spotify. As a freelance musician it could be hard to find work and this could mean that I need to do a job on the side. I have chosen teaching as a good second job. The cost of violins lessons is based on how much I pay for violin lessons (I pay £25 for an hour), compared to other local instrumental teachers, this is quite cheap! However, due to recent cuts to Norfolk Music Service, these prices could sadly increase, making it harder for students of families who may be struggling financially, to afford private tuition. Graded examinations are also quite expensive. For example, a Grade 8 examination is £99. After researching, the prices to hire a violinist for a live performance, I chose £180 for 2 hours because it's quite a bit cheaper than the prices of other musicians and I think it would be a good price for starting as a freelance musician. Lastly, I explored the Musician's Union website for the basic prices for a session musician (Seen Below). The amount earned depends on your status within in the orchestra/session.
 
Outcome - Venues and Travel are both variable as this depends on the destination and the costs of different venues vary. Merchandise Commissions are also variable because they depend on the owner of venues. I have put the price as variable for instrument upkeep because prices can vary based on the make of violin. It can also depend on the strings the musician would want (there's a large selection) and if the bow needs to be re-haired (replace the horse hair of the bow), etc. There are loads of different ways to promote a business, for example albums could be promoted on billboards and songs could be played on radio stations, therefore I chose to set the cost of this at £500. As a way for people to know that I teach lessons, alongside posting online on business accounts (Facebook, etc) I would also promote my lessons in the local paper because some people don't prefer to read the paper than read about stuff online. For royalties as a musician, I would join PRS, which costs £50 to join. Many people like to watch music videos while listening to songs and pieces because it adds to the story behind the it. Creating a budget music video could cost around £1,699..00, but can be more depending on the video you're making. Gear for my business would include a high quality mic, mixer and speakers for gigs, etc. I have chosen to put this at a cost of £500 as this is for the start of the business. Finally, I would pay £250 for instrument insurance. Instrument insurance covers the cost of repairing or replacing your instrument should it get lost, stolen or damaged.
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